Pump.fun, the Solana-based memecoin launchpad, has spent more than $62 million on buybacks of its native token PUMP, soaking up 16.5 billion tokens in an effort to reduce sell pressure and stabilize price action.
According to Dune Analytics data, Pump.fun has been consistently executing daily buybacks between $1.3 million and $2.3 million, funded by platform-generated revenue — primarily fees from token launches. The average repurchase price so far sits at $0.003785 per PUMP.
Since its inception, Pump.fun has generated over $775 million in revenue, per DefiLlama. However, the platform experienced a sharp slowdown between July 28 and Aug. 3, bringing in just $1.72 million weekly revenue, its lowest since March 2024.
The buyback program seems to be having its intended effect. PUMP has gained more than 12% in the past month, climbing to $0.003522 — up 54% from its August low of $0.002282. Onchain data also points to growing retail participation, with more than 70,800 unique holders and wallets under 10,000 PUMP now accounting for 46% of distribution.
Pump.fun’s aggressive strategy comes amid increased competition. On July 7, rival Solana launchpad LetsBonk briefly overtook Pump.fun in daily revenue and continued to challenge its dominance throughout July. Yet, recent Jupiter data shows Pump.fun has regained the lead, capturing 73% of the market and processing $4.5 billion in trading volume over the last week, compared to LetsBonk’s 9% share and $543 million in volume.
Despite its rebound, Pump.fun is under mounting legal scrutiny. A class-action lawsuit filed in January — and updated in July — accuses the platform of operating as an “unlicensed casino” and relying on “guerrilla marketing” tactics to drive artificial hype around volatile memecoins. Plaintiffs allege its structure resembles a “rigged slot machine” where early entrants profit at the expense of later buyers, with total investor losses estimated at $5.5 billion.
